Abandonment
Giving up the proprietary rights in insured property to the underwriter in exchange for payment of a constructive total loss. Notice of AbandonmentWaiver Clause

Absorption
Acceptance by the carrier of a portion of a joint rate or charge which is less than the amount which it would receive for the service in the absence of such joint rate or charge (air cargo).

Accept
Agreement to pay at some future date - a "time draft" drawn on the accepting party.

Acceptance of Goods
Process of receiving a consignment from a shipper, usually against the issue of a receipt. As from this moment and at this place the carrier's responsibility for the consignment begins.

Acknowledgement of Receipt
Notification relating to the receipt of, for example, goods, messages and documents.

ACP90
Air Cargo Process. Computer system used at UK airports as an intermediary between airlines, airports authorities, agents and customs declarations.

Act of God
Natural event, such as floods, storms, lightning, earthquakes, etc., not preventable by human agency. Forces of nature that a carrier has no control over, and therefore cannot be held accountable for. Force Majeure

Actual Total Loss
This occurs when: 1. The insured property is completely destroyed; or 2. The insured is irretrievably deprived of the insured property; or 3. Cargo changes in character so that it is no longer the thing that was insured (e.g., cement becomes concrete) or 4. A ship is posted "missing" at Lloyd's, in which case both the ship and its cargo are deemed to be an actual total loss. Notice of Abandonment

Actual Voyage Number
Code for identification purposes of the voyage of a vessel.

Ad Valorem
Mode of freight or customs duties levied on cargo based on its value. Ad Valorem Duty

Ad Valorem Bill of Lading
Same as Valued Bill of Lading.

Ad Valorem Duty
Tax imposed on merchandise based on its value.

Added Value
Value attributed to products, and services as the result of a particular process (e.g. production process, storage, transport).

Advice Note
Written shipment information, for example, about the status of the goods.

Advice of Fate
Notice given by the collecting bank to the remitting bank as to payment, acceptance, non-payment, or non-acceptance of a draft presented at the remitting bank's request.

Advising Bank
Bank that handles Letters of Credit (L/C) for a foreign bank by notifying the seller that the buyer has opened a L/C in their favor. The advising bank fully informs the seller of the conditions of the Letter of Credit. Confirmed Letter of Credit